DB keeps positive view on European steelmakers into 2026, upgrades Salzgitter

Voestalpine AG

26/11/2025 08:39

** Deutsche Bank says it remains positive on the European steel sector going into 2026, citing the European Union's plans for trade protection

** The broker upgrades German steelmaker Salzgitter SZGG.DE to "buy" from "hold"; stock rises 9% at 0834 GMT

** DB says that if the EU's plans for enhanced trade protection are implemented, even partially, steel mills could get back to a structurally higher return and lower risk environment

** "This makes the sector arguably more attractive and puts it where cement and defence were a few years ago, with the potential for valuations to revert back to mid-cycle levels vs. the multiple deflation seen over the last eight years" - DB

** It adds its top picks in the sector are Voestalpine VOES.VI, ArcelorMittal MT.AS, Aperam APAM.AS and Acerinox ACX.MC

(Reporting by Bernadette Hogg)

((bernadette.hogg@thomsonreuters.com))